Ampol, Viva Energy and Karoon: Refining Margins, Earnings and Production Guidance

Sonal Goyal

22 October 2026 07:00 AM AEDT

Ampol, Viva Energy and Karoon: Refining Margins, Earnings and Production Guidance

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Key highlights

Ampol (ASX:ALD) reported a third-quarter Lytton Refiner Margin of US$23.92 per barrel, compared with US$10.64 a year earlier.
Viva Energy (ASX:VEA) reported 1H26 EBITDA (RC) of $774.4 million and an interim dividend of 7.73 cents per share.
Karoon Energy (ASX:KAR) lowered 2026 Baúna production guidance to 5.4–5.7 MMbbl after an electrical fault at the SPS-92 well.

Fuel suppliers and offshore oil producers reported updates in the second half of 2026 that show how refining margins, plant incidents and well issues can affect earnings. This article reviews recent announcements from Ampol Limited (ASX:ALD), Viva Energy Group Limited (ASX:VEA) and Karoon Energy Ltd (ASX:KAR).

Sector context

Refiners, fuel retailers and oil producers are influenced by refining margins, fuel volumes, plant maintenance and operating reliability. The releases refer to higher refining margins during 2026 alongside turnaround work, a refinery incident and an electrical fault at an offshore well.

Ampol Limited (ASX:ALD)

Ampol issued its third-quarter 2026 trading update on 19 October 2026. Group RCOP EBIT for the quarter grew compared with the 2H 2025 quarterly average, and Group sales volume was 6,245 ML, up 3.6%. The third-quarter Lytton Refiner Margin was US$23.92 per barrel, compared with US$10.64 a year earlier, and US$27.05 per barrel year to date.

The margin was achieved during a planned turnaround, and refinery production was 1,137 ML for the quarter, 9.2% lower than a year earlier. Additional reactor relining work extends the turnaround, with the FCCU expected to restart in mid-November and about 150 ML less higher-value product expected in the fourth quarter. Ampol also announced the proposed acquisition of Evie Networks on 1 October 2026, subject to ACCC clearance.

Viva Energy Group Limited (ASX:VEA)

Viva Energy reported results for the half year ended 30 June 2026 on 25 August 2026. EBITDA (RC) was $774.4 million, up 154.0% from $304.9 million, EBIT (RC) was $616.1 million and NPAT (RC) was $371.1 million, with sales volumes of 8,490 ML. Earnings grew across all business units, and net debt fell to about $1.7 billion.

The interim dividend was 7.73 cents per share, compared with 2.83 cents, a 70% payout of C&M and C&I NPAT (RC). The Geelong Refinery was affected by an incident on 15 April 2026, with units restarted in June, and the company said earnings in the second half are expected to moderate in C&I.

Karoon Energy Ltd (ASX:KAR)

Karoon said in an ASX release dated 28 September 2026 that a fault in one of the three electrical phases of the new ESP power cable on the SPS-92 well at Baúna offshore Brazil had led to a controlled shutdown on 22 September. The pump is operating on two phases, and about 3,500 bopd will be deferred until the cable system is replaced.

Baúna 2026 production guidance was lowered to 5.4–5.7 MMbbl from 6.0–6.7 MMbbl. Total 2026 production guidance moved to 6.6–7.2 MMboe from 7.2–8.2 MMboe, and unit production cost guidance rose to US$15–16 per boe from US$12–15.

What the three energy updates have in common

Each announcement is shaped by an operating event: Ampol’s extended refinery turnaround during a high-margin quarter, Viva Energy’s refinery incident and restart, and Karoon’s well fault and revised guidance. The releases are different types, from a quarterly trading update to half-year results and a guidance revision, and should be read separately.

FAQs

Q: What interim dividend did Viva Energy (ASX:VEA) declare?

A:7.73 cents per share.

Q: What is Karoon’s (ASX:KAR) revised 2026 production guidance?

A:6.6–7.2 MMboe in total, with Baúna guidance of 5.4–5.7 MMbbl.

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